Costs Charged To Bidding Firms

Press, Volume CIII, Issue 30631, 23 December 1964, Page 1

Costs Charged To Bidding Firms

(New Zealand Press Association)

WELLINGTON, December 22

Costs incurred by the Wellington Publishing Company, Ltd., publishers of the “Dominion,” in fighting take-over proposals for the company earlier this year have been charged proportionately to the four concerns that made bids.

The company’s chairman of directors (Dr. M. Williams) told shareholders this at the annual meeting on Friday. Dr. Williams said three of the companies that attempted to take over the “Dominion" had paid costs and negotiations were still proceeding with the fourth. Dr. Williams said that during the “intensive period of the bids much time was lost and considerable expense, both legal and otherwise, was incurred.

“Directors suffered disruption of their normal occupations for a prolonged period. On the advice of our solicitors and in conformity with the articles of association, the board resolved that they be recompensed for these unusual circumstances, and this has been done.”

The four companies that made bids for the company were the Thomson Organisation of London, News. Ltd., of Adelaide, headed by Mr K. R. Murdoch. New Zealand Newspapers, Ltd., and Wilson and Horton, Ltd., of Auckland.

Mr Murdoch has since joined the Wellington Publishing Company board.

Dr. Williams described the last 12 months as “eventful and at times exacting” for the company. But he said future possibilities for the growth and development of the “Dominion” should be bright.

He said the board and company management were very conscious of the need for an active and progressive policy.